What is a 'policyholder' in the insurance context?

In the insurance context, a policyholder is defined as an individual or entity that owns an insurance policy. This means that the policyholder is the party who has entered into a contractual agreement with an insurance provider and is entitled to the benefits outlined in that policy, including coverage and claims. The policyholder is responsible for paying the premiums and has the right to access the policy terms, make claims, and make changes to the coverage as allowed under the contract.

While other roles in the insurance industry are important, they do not define a policyholder. A company that provides insurance coverage serves as the insurer, while a legal representative for the insured may advocate for the policyholder's interests but is not the policyholder itself. Similarly, an agent selling the insurance policy acts as a facilitator in the transaction but does not own the policy. Understanding the specific role of a policyholder is crucial for anyone involved in the insurance field.